Crafting and Executing Strategy Chapter 1

Deliberate Strategy

consists of proactive strategy elements that are both planned and realized as planned

Emergent Strategy

consists of reactive strategy elements that emerge as changing conditions warrant

Sustainable

if the competitive advantage persists despite the best efforts of competitors to match or surpass the advantage

Strategy

is about competing differently from rivals- doing what competitors don't do or, even better, doing what they cant do!

Company Strategy

its action plan for outperforming its competitors and achieving superior profitability

Winning Strategy

must pass three tests: 1. The Fit Test 2. The Comparative Advantage Test 3. The Performance Test

Business Model

sets forth the logic for how its strategy will create value for customers while at the same time generate revenues sufficient to cover costs and realize a profit

Competitive Advantage

achieved by company when it provides buyers with superior value compared to rival sellers or offers the same value at a lower cost to the firm